VALDOSTA, Ga. (WALB) - A continued partnership between Lowndes County and South Georgia Medical Center (SGMC) is going to save the hospital more than $29 million.
The Chairman of the Lowndes County Commission said they are backing SGMC, in their effort to refinance revenue certificates, or bonds, originally issued by the hospital in 2011.
Chairman Bill Slaughter said the decision to back the hospital, was in part due to the hospital’s good financial track record, and they were always willing to assist SGMC to help make them the best hospital possible for the community.
“This is our community hospital, so anytime that you can save someone something as important as South Georgia Medical Center— you are able to save them $29.3 million. It was just an opportunity for us to work together and help them save that money," said Slaughter.
Slaughter said that they already backed the hospital before, but conditions were especially favorable for a re-financing right now.
He maintains that this will not cost the taxpayers any additional money.
Hospital officials say that this is a victory for their patients, because it will generate savings that could be used to better enhance direct patient care across the system.